Back to top

Image: Bigstock

LYFT to Launch EV Ride-Hailing Pilot Program in California

Read MoreHide Full Article

Lyft (LYFT - Free Report) announced plans to expand the usage of electric vehicles (EVs) for ride-hailing in California. To this end, the company’s rental car unit, Flexdrive, will launch a pilot program in partnership with Peninsula Clean Energy, this fall.

This is a step toward the company’s goal of switching entirely to EVs by 2030, i.e., every single vehicle on its platform would be electric. Additionally, last month, California regulators provided a mandate that over the next few years, EVs should account for 90% of ride-hailing vehicle miles traveled.

As part of the Ride-Hail Electrification Pilot Program, Peninsula Clean Energy will provide $500,000 worth of incentives to ride-hail drivers to help them rent an EV by making its cost comparable with a gasoline-powered vehicle.


The pilot program will initially make use of 100 EVs on the Lyft platform in San Mateo County. With this, the program will help in preventing 200,000 gallons of gas usage, thousands of tons of greenhouse gas emissions, and reduce $750,000 in combined cost for ride-hail drivers.

Zacks Rank & Key Picks

Lyft carries a Zacks Rank #3 (Hold). Some better-ranked stocks in the Internet - Services industry are Facebook , Marchex (MCHX - Free Report) and United Internet (UDIRF - Free Report) . While Facebook sports a Zacks Rank #1 (Strong Buy), Marchex and United Internet carry a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

Shares of Facebook, Marchex and United Internet have rallied more than 42%, 100% and 30% in a year’s time, respectively.

Zacks' Top Picks to Cash in on Artificial Intelligence

In 2021, this world-changing technology is projected to generate $327.5 billion in revenue. Now Shark Tank star and billionaire investor Mark Cuban says AI will create "the world's first trillionaires." Zacks' urgent special report reveals 3 AI picks investors need to know about today.

See 3 Artificial Intelligence Stocks With Extreme Upside Potential>>


See More Zacks Research for These Tickers


Normally $25 each - click below to receive one report FREE:


Marchex, Inc. (MCHX) - free report >>

United Internet AG (UDIRF) - free report >>

Lyft, Inc. (LYFT) - free report >>

Published in